New Iraqi Dinar To Be Issued Early January 2015

In 2006, the Iraq Ministry of Finance (MOF) told the Iraq Central Bank (CBI) to create a plan to introduce new Iraq Dinar currency. No actual date was set until the CBI developed a plan on how it was going to accomplish this task. The CBI sent their plan to the Iraqi government financial committee and the Iraqi government agreed on the plan.

On February 6, 2010, Radio Free Europe Radio Liberty (RDE/RL) reported the intent of the plan by the Iraqi government to redenominate the countries currency. At the time Mudher Salih, who is now the former Deputy Governor of the Central Bank was a member of the Central Bank advisory panel. Salih stated that by the end of 2010 the new Iraqi dinar would be printed and placed into circulation. The old banknotes would be removed from circulation, as both the old and new currencies would co-exist. The Iraq government and the Central Bank did not introduce the new Iraqi dinar in 2010.

The Central Bank has stated on numerous occasions that the new Iraq currency would improve the purchasing power of the Iraqi dinar. There are other positive points of having the new Iraq currency: easier to handle in day to day cash transactions, control inflation, help facilitate payment systems, control banking transactions.

During the years 2011 and 2012 the Central Bank would leak articles to the media about their plan to introduce the new Iraq dinar. The CBI stated that they would release denominations of 50, 100, and 200, as well as one and two dinar coins. Another very significant piece of information that was made public was that the window to conduct the exchange was going to only be one year. The Central Bank announced through the media that they would introduce new currency in September 2012. This was widely reported in the Baghdad local media. Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad, stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September 2012. This was great news and people all over the world were excited about the new Iraq currency. However, not everyone was pleased with this news and on board with this plan. The Securities Exchange in Baghdad had a problem with the CBI and their new currency plan saying it would interfere with the value of the price of stock.

A European company was commissioned to print the new currency and was set to schedule a release into Iraq. The currency would be printed in Arabic, English and the Kurdish language.

As the world waited again for the release of the new Iraq currency in September 2012 the time came and went without any release. It was another major disappointment. It appears that there was too much interference from the committees inside the Iraq government as well as inside the Central Bank. They clearly could not come to an agreement on the timing as well as the plan.

There were two committees set up within the Iraqi government for the deleting of the three zeros. The Parliamentary Economic Committee and the Parliamentary Finance Committee. The Parliamentary Economic Committee thought the deletion of the three zeros would strengthen the Iraqi dinar currency. However, the Parliamentary Finance Committee members feared that it would cause money laundering and counterfeit operations.

Abdul Abbas Shayya, a member of the Parliamentary Economic Committee said “Reforming the management of the Iraqi currency now requires the deletion of the three zeros. This has been endorsed by the Parliamentary Economy and Investment Committee.” Shayya is a member of State of Law Coalition, led by Prime Minister Nuri Maliki. Shayya has been quoted as saying “that the Iraqi currency is weak and that the money supply has amounted to multi-trillions because of the existence of these useless zeros”. Also quoted was “that the country will witness a significant increase in oil revenues, financial earnings and high budgets”. Thus, “we will need to print new banknotes, as estimated by the Central Bank”. Shayya also stated to Al-Monitor “Iraq will need about 9 billion banknotes in the event of applying the three zeros”. Iraq today is dealing with 4 billion banknotes.”

In more recent times, the Council of Ministers has requested a delay in introducing of the new currency because of fears of money laundering.

Today, the current situation in Fallujah and Ramadi has the attention of high officials in the Iraqi government.

The Former Deputy Governor Salih stated in a June 24, 2011 article with the RFE/RL media that large denominations equivalent to approximately $100 dollars would be issued to simplify major purchases and new coins.

It is a high probability that some information maybe revealed by the Central bank and by other government officials to the local media. With luck, the Central Bank and the Iraq government will follow through with next years plan to start the implementation of introducing the new Iraq currency.

Yves, thank you for stopping by and taking the time to read my article.

Crying Teeth

It’s RV’d and will be in the banks this week! Tony the Tiger says so!
(But Hammerman said not until March or April, though his “best” contact says IT WILL HAPPEN IN JUNE—it will END, in JUNE will be the end of the Wait!) On the other hand, has anyone asked BLAINO?
I thought the RV happened already and was limited to Elitest level Gov. & Bankers & high end investers (an inside deal ONLY).
THERE WILL NEVER BE AN RV IN AMERICA!—; the Papal controllers behind “kings of the earth” … “merchants of the earth” (Revelation 18) BANKERS will not be permitted to let it pass in a FEUDAL AMERICA! BUT WHAT IS COMING IS “THE MARK OF THE BEAST” system! Read Revelation 13 thru 19!

jhenry

Hate to hear that it is being delayed, but I’ll stick with my thoughts that it will be before July 2014. Thanks and have a good day.

Al

Thanks AC, Let’s hope this comes to an end this time as they are saying. Gone on for to long and way to much $#@#$ floating around to get a clear picture of things to come. Even with this info things are subject to change. Keep your fingers crossed. Thanks.

jhenry

I have been keeping up with the American for quite some time and love the info that he gives. It’s not the regular bull crap that you hear from the so called guru’s. Thanks again AC

peter searle

still a bit confused ac does this mean that the peoplewho have invested money in a rv example my coisin will benefit from the new iraqi diner currency and of deleting the zeros ?

bearhunter

Thanks, Rich, for the clear, impartial info on this investment. So much hype out there. Unfiltered truth is refreshing!

Phil

So what does mean for people holding dinars?

AE

That’s what I want to know as well. This article talks about issuing “new” Iraq Dinar notes. Does this mean that what we have already purchased as the “new dinar” is not going to be any good?

The media reports from Iraq have stated that the old and the new currency will be of legal tender and co-exist for a time period. The time period could be from 2 years to 10 years. The actual plan from the Central Bank has not been revealed to the public. I imagine when it gets closer to the release of the new currency I’m sure it will be published in the media.

i dont believe them smoke in my opinion,once the budget is agreed with the kurds,they wont wait that long as need an international currency for wto,and to attract investors the current pegged rate will not meet that criteria,i think by april there will be a change and a major one at that jmo

The old and new dinars will co-exist together. Just for a period of time.

Tim Ressegiue

Once again more glimmers of a chance that Iraq will finally immerse themselves into the worlds financial market with currency that would worth a fair value.
Thanks Rich for taking the time to help all of us keep grounded.

It seems if this were to happen the most logical thing would be the old currency would be equated to the new. So, if the new 100 dinar note equaled $1, then the old 100,000 dinar note would also equal $1. Bottom line, old dinar will not go up in value. But, if the currency becomes freely traded then the dinar will have a chance to go up (or down) in value. Think about it, do you think the poor people in Iraqi holding old dinar are going to be given the gift of becoming millionaires overnight!!?? One can hope, but it’s a long shot.

Al its all up to the Iraqi government and the Central Bank to determine the future of Iraq.

Mark

How does this article which says the revaluation will not take place until 2015 collaborate with your posting and endorsement of the Greg McCoach interview you did a week ago on February 18th where he suggests the RV is imminent?

These articles seem completely opposed to each other..

Jeffrey

Can you give a link or tell us where this article came from?
Maybe I just missed it
Thanks

So, is now a good time to buy if one could afford it? Or just stand pat like I have for the last three years? Thank you for the updates, AC.

Mike Aldrich

If Iraq just redenominates, people will not be rewarded for holding their dinar and will never invest in Iraq again. From there the dinar will not be valuable and will go down hill like Vietnam! The gov’ts greed will kill they’re economy!

When I clicked on the red print, in order to take me to the actual arabic feed, the one that says it is delayed until 2015 only takes me to a “COPY” or “PICTURE” of it, which doesn’t have a URL in it anywhere to see that it is actually from an arabic feed. Every other one does, but I think many or most want to see the ‘delayed’ article in real print.

Are YOU feeling this will happen like this person’s opinion, in 2015 now?

Ken

Is the dinar we have invested in since 2005 going to be any good after they print new ones with out the zero’s?

BETTY

I’m still having a problem understanding all of this. I don’ hold a lot but does this mean that I just get my money back and not make any money?? Help me please

Shelley

We have no choice but to wait and see what happens, every year it gets delayed until the next…. Just have to hang in there.

Victoria Shaw

Glad I cashed mine in recently!

Peggy Snyder

How will Americans exchange their old Iraqi Dinars for the new currency. Would the World Bank in New York be able to do this. Would a trip to the Middle East the only way?

I have never felt the old currency would increase to equal the dollar; but as the U.S. dollar is destroyed, the new Iraqi Dinar might be a currency to hold on to.

oregonseeker

WOW! I really can’t believe some of the questions in here …..I wish there was a way for everyone to get the FACTS (due away with some silly questions) ……….maybe “AMERICAN CONTRACTOR” can lead us all to the best place ……..THANKS !

Ron “oregonseeker”

Denaridori

Who says we will lose the value of the IQD that we hold? It’s one thing for there to be a delay (which we’re all used to by now), but another to believe that the currency we hold is, or will be, useless! Why would anyone want or have to go to Iraq? It’s a foreign currency and like AC said…the deletion of zeros and the bills we have will co-exist. We’re not trading in Iraq so we don’t have to worry about the deletion of OOO’s. The way things look to me (more than ever) is that the pressure is on for them to become a foreign currency or they can’t be recognized internationally. Can they continue doing business – yep! They’ve proven that but they are limited and from what they’re telling us, the CBI is running out of dinars (not money — the dinars). I wouldn’t sell my dinars because of this one article…look at the big picture, then wait and see.

Denaridori

As for the RV — the new dinar has nothing to do with the RV and the older denoms are already printed when so they’re ready when it RV’s. The US printed the new bills years ago and has been warehoused all this time as they phase out the USD over a 12-month period along with the printed currency they are currently using (without the Kurdish language)and then release the recently printed Iraqi currency with the Kurdish language on it.

There is no evidence that the new currency has already been printed by the Central Bank of Iraq. The committee’s have not authorized any printing.

barbara

Hi is it just me or do u avoid any questions regarding the value of the dinar that we hold will break even or. Make a profit or be worthless I have seen money ask this question of you but u never reply to these if I am wrong then please forgive me .thanks love getting our email

Barbara, the value is set by the Central Bank. What ever happens with the re-print of new currency that is scheduled in January 2015 is totally up to both the Parliamentary Economic Committee and the Parliamentary Finance Committee. I post things on my blog that are of interest to the community. I post the good things along with the bad. It’s what sets me apart from the others. Thanks for writing and reading my posts.

tatiana

yeah waiting………maybe my grandkids will benefit from them {dinars} I am 63 no hope for me

Shirley

Do you have any ideas on what will happen to the dinars we have invested in Warka Bank? We’re thinking that is probably gone. Fortunately we did keep some here, but a lot more went to the bank in Iraq.

I have no idea what will eventually happen with al-Warka bank. The bank is not as transparent as we would like.

barbara

Thanks so much for your honesty an yes I no all about your post an I have to say you do really post the good an the bad i have been following your post for awhile now when you only posted on a certain site in which I belonged to at the time thanks for the emails I always look forward to hearing from u I think you r one of the most honest ones I have come across since I started this crazy investment .

Richard Dunne

Rich, thank you for keeping us informed without the hype… When the time comes for us to trade in our Dinars for the new ones, and this is exclusive of a RV, will there be a significant exchange rate cost. In other words are we going to be nailed like the money changers do whenever you exchange one currency for another, e.g. 20% exchange rate?